What you need is a professional specializing in this area to provide you with the property guidance, there are several of us (myself including) who are active here on the forum.

Go find a seasoned professional in your desired niche. 

Realtor is a member of professional association made up of agents, brokers, sometimes ancillary members including lenders, lawyers.

We are located in Charlotte, NC, and here is some back story to help encourage professional opinions.As of right now My wife is a full time student at UNCC scheduled to graduate in December of this year (Woohoo!!)

Some people would sleep very soundly at night and be their happiest to pay off their mortgage.

I am not a tax professional but I believe the tax basis automatically gets adjusted upon a transfer due to death when the property is transferred from a parent to a child. 

I have tried to be reasonable and stayed completely professional in all are conversations.

@James Webb The only way you could reduce that income is if it was truly passive income or you are classified as a real estate professional.

It'll cost you a lot less and, more importantly, sleep will come easier...

Not only does our professional insurance go up but so will yours, by a lot.